Pfizer shares still above the support and the channel resistance - analysis 22-07-2016

PFIZER shares ended Thursday trades slightly higher (0.03 point) or (0.08%) of the previous closure  pass 36.45 resistance as the highest recorded price during the weeks before and also to pass the channel’s resistance shown above trying to reach the next resistance 37.35, comes after the price traded below the channel’s bottom line reaching the support level 33.95 that coincided then with the SMA 100 to push the price up again trading within the bullish channel range above 43.65 level, comes after it rose during the previous short trades reaching 34.65 resistance level after facing the channel’s support with the SMA 50.

The price rose previously to remain adjacent to the channel’s resistance, then to fall previously retesting the support level 34.65, then the share increased its decline to retest the channel’s support with retesting the SMA 100.

The stability of the support level 33.95 was supported by the SMA 100, which pushed the price to rebound passing the level of 34.65, to trade back within the channel’s range.

The price succeeded to trade above 36.45 level which may push it to target 37.35 resistance, but this outlook miss full strength due to breaking the pace of the rise, which appear in the exceeding the channel’s resistance, so its recommended to stay natural waiting for new signals.